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Nicholas Financial Inc. Message Board

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  • spin.vestor spin.vestor Oct 31, 2012 3:31 PM Flag

    2Q earnings

    46c Basic EPS if you unwind the swap write-off so more or less inline with what I was expecting from a EPS perspective.

    +ves: Volume per branch was higher than I expected at 622,000 vs 610,000 I expected.

    - Dealer discount is down to 7.41%. This is indicative of the hugely competitive environment. I'm not sure if DD has been this low before - I'd need to check but I think 8.04% was the prior low in Q2-2007 (back to 2002).
    To get the branch volume NICK had to throw the Dealer Discount under the bus.

    -Charge-offs materially picked up to 6.39% up from 4.07% last Q. That's about 1.7MM higher $$ charge-off than I expected and I'm guessing is due to a combination of manheim index rolling over impacting recovery values + higher volume of repossessions due to the ongoing deterioration in the loan book.

    - 30+ PD now at 21MM up from 16.8MM last Q.

    g/l NICKers -- Continued tough sledding ahead imo.


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